MD Dreams, the answer to your question is that a shock (defibrillation) occurs without regard to the electrical cycle. Basically as soon as you hit the button, electricity is delivered across the chest to the heart.
Cardioversion is a defibrillation that occurs at a specific point in the QRS cycle. When you "sync" the defibrillator, it reads the EKG and syncs the defibrillator so the shock occurs on an R wave. The reason for this is that if you shock on a T wave, you will induce ventricular fibrillation because it is during a vulnerable period of repolarization. Some areas are repolarized, some aren't. If the shock occurs there, the areas of repolarization will then depolarize, the non-repolarized area will complete repolarization and then depolarize by stimulation from adjacent tissue. The different areas of repolarization, depolarization, etc. causes ventricular fibrillation.
When you synchronize cardiovert someone, you must hold the "fire" button down for a few seconds until the defibrillator senses an R wave and delivers the shock. Sometimes it takes 3 or 4 QRS complexes to do this. You must re-synchronize the defibrillator by pushing the sync button after each cardioversion. It doesn't automatically re-synchronize.
If the patient has severe hyperkalemia, sometimes the defibrillator can sense tall, peaked T waves as QRS complexes. If you deliver a cardioversion shock that is sync'd on the T wave, you will no doubt induce ventricular fibrillation.
By giving medicines (ibutilide, adenosine, etc.), you are chemically cardioverting the patient. However, for unstable patients, electricity is always the answer and therefore, synchronized electrical cardioversion is the treatment of choice.